(1) The Board shall have the following powers, namely:-
(a) to finance construction, development, operation, maintenance, rehabilitation and up gradation of Bankable Projects in the State in accordance with the provisions of this Act;
(b) to provide credit facilities for financing construction, development, operation, maintenance, rehabilitation and up gradation of Bankable Projects which are to be extended through the State Government, Government
Agencies, Specified Government Agencies or through Public Private Participation;
(c) to borrow and raise money with or without security by issue of bonds, debentures, loans or such other instruments as it may deem fit and to receive money from Indian or foreign sources and deposit at interest or otherwise in such manner as the Board may think fit;
(d) to draw, issue, accept and to endorse, discount
and negotiate promissory notes, hundies, and other
negotiable or commercial or mercantile or
transferable instruments connected with the business
of the Board ;
(e) to invest and deal with the , money of the Fund in
banks, cooperative banks, financial
deposit accounts etc. and in such manner as may
from time to time be expedient or be determined by
the Board;
(f) to authorise and make payments from the Fund;
(g) to receive grants, loans, advances, or other moneys
or deposit or otherwise, from State or
Government, banks, companies, trusts or individuals
with or without allowance or interest thereon;
(h) to buy, sell, lease, assign, mortgage, hypothecate,
pledge or otherwise acquire or dispose any property
whether movable or immovable or any description
whatsoever and other valuable securities of the
Board in such manner as may from time to time be
determined by the Board:
Provided that any transaction on land shall be subject to
the provisions of Meghalaya Transfer of Land
(Regulation) Act, 1971 ;
(i) subject to the provisions of Meghalaya Transfer of Land
(Regulation) Act, 1971, to buy, lease, assign, mortgage
or otherwise acquire or dispose land, buildings and
other movable or immovable properties on such terms
conditions as the Board may think fit;
j) to invest, apply for and acquire, or otherwise employ
money belonging to or entrusted to or at the
disposal of the Board upon securities and shares or
without securities, upon such terms as may be
thought proper and from time to time to vary such
transactions in such manner as the Board may think fit;
(k) to issue or to request and advise the State Government
to issue State Government Guarantee for the payment
of money or become sureties for the performance of any
contracts or obligations including Concession
Agreements;
(l) to negotiate and enter into any contract or arrangement
for the more efficient conduct of the business of the
Board or any party thereof and to sublet any contract
from time to time;
(m) encourage investment of capital in Bankable Projects in
the State, consider proposals for private participation
and grant Subsidy and exclusive rights to any person to
develop any Infrastructure Project and Set parameters
for Concession Agreements or arrangements and
negotiate and formulate the terms of any Concession
Agreement (including the User Charges) or any other
agreement or arrangement in relation to such Bankable
Projects in accordance with the provisions of this Act;
(n) to charge fees for carrying out any of its duties or
functions;
(o) to form special purpose vehicles in the form of
companies or other form of entities on its own or as joint
ventures as may be deemed necessary for the purpose
of implementation of Bankable Projects;
(p) to undertake and conduct or direct committee or
Consultants or any other person, to conduct surveys,
feasibility studies, collect data and prepare Detailed
Project Reports;
(q) to do all or any other things and perform such other acts
as are incidental or may be thought conducive for
attainment of the above objects or consequential upon
the exercise of the powers or discharge of its functions
and duties.